BlackRock and its tokenization partner Securitize have redistributed a large portion of the asset manager’s tokenized fund BUIDL across multiple blockchains, quietly reducing Ethereum’s market capitalization by around 60%.
The $2.8 billion fund's holdings in Avalanche, Aptos, and Polygon jumped from just $54.3 million, $43.4 million, and $30.7 million, respectively, as of Oct. 19 to approximately $554.7 million, $544.1 million, and $530.9 million as of Oct. 30, according to RWAxyz data. It fell to around $990 million on the Ethereum network.
BUIDL originally launched exclusively on Ethereum in March 2024 and then began expanding to other blockchains just under a year ago, with the majority of its funds remaining on Ethereum until this month. BlackRock and Securitize did not immediately respond to The Defiant's requests for comment on the move by press time.
BUIDL market capitalization of the entire blockchain. Source: RWAxyz
BlackRock is the world's largest asset manager, with more than $13.4 trillion in assets under management as of the third quarter. BUIDL remains the largest tokenized real world asset (RWA) product, with over $2.85 billion in assets.
Total RWA value. Source: RWAxyz
According to RWAxyz, BUIDL’s network diversification continues to see the total amount of tokenized RWA continue to soar this year, now reaching more than $35.6 billion, an increase of approximately 8.8% over the past 30 days.
Ethereum remains the most popular blockchain for RWA, with tokenized RWA value of nearly $12 billion, or about 53% of the sector.
BUIDL, launched by BlackRock in partnership with Securitize, allows accredited investors to hold and earn dividends on blockchain-based tokens backed by U.S. Treasury securities, cash, and repurchase contracts.
Earlier this week, Securitize announced plans to become a publicly traded company through a business combination with Cantor Equity Partners II, a SPAC backed by Cantor Fitzgerald, the company Howard Lutnick led before becoming U.S. Secretary of Commerce.
The deal values the company at approximately $1.25 billion, and the combined company will trade on the Nasdaq under the ticker SECZ.
